It’s a good time to be Walt Disney (DIS), as just about every division appears to be firing on all cylinders–save one.
Associated Press Walt Disney reported a profit of $1.28 a share, easily topping the Street consensus for $1.17, on sales of $12.5 billion. The one downside: ESPN, where the rising cost of rights to sporting events hit its bottom line. Janney’s Tony Wible and Murali Sankar explain:
Disney beat FC estimates by $0.11 as stronger performance at the Studio, Consumer, and Parks more than offset choppiness in the core TV business. Overall, Disney continues to be well positioned for long term growth tied to new franchises, park reinvestment, and the insatiable demand for sports content. Investors may also be drawn to Disney’s diversified business as weakness in the ad market persists. However, we maintain our Neutral rating given the under appreciated step up in sports costs and our view that Disney is more likely a buyer than seller in the current consolidation environment. We are raising our FV to $89 on modestly higher EBITDA estimates.
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Shares of Walt Disney have dropped 0.1% to $86.69 at 2:44 p.m. today.
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